Ripple Offers New Tech Solution to Speed Up Corporate Payments and ODL

News
Thu, 05/28/2020 - 11:54
Yuri Molchan
The blockchain giant Ripple has come up with a cloud solution to help its customers make faster corporate payments as the world goes more digital
Cover image via stock.adobe.com
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According to the Ripple website, the blockchain decacorn is launching the RippleNet Cloud solution to help its customers improve the way they send payments on the Ripple network and make them faster.

A Cloud to help clients move funds faster, including XRP

A lot of business processes are now becoming more digitized due to the pandemic-driven lockdown around the world. The Ripple giant has come up with a new cloud solution to help its customers integrate RippleNet faster and increase the speed of their corporate payments to the end user.

As per an article on the Ripple website, the new product, RippleNet Cloud, has a goal to make it so that “banks and financial institutions can maximize their business benefits with minimal effort and more flexibility.”

With the new solution, Ripple customers will be able to conduct payments using just one integration and a common Ripple Payment Object (PRO).

The Cloud will allow customers to go live on the RippleNet quicker than on-prem clients and avoid meeting certain demands that companies otherwise face.

“Using Cloud, customers can go live on RippleNet five weeks faster than on-prem customers and avoid hardware requisition or staffing to get started.”

RippleNet Cloud also enables clients to work with other ways of settlement by using Ripple’s On-Demand Liquidity system (ODL), which directly uses XRP.

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Customers start migrating to RippleNet Cloud

Ripple’s new product also claims to be able to decrease their customers’ expenses they would face when sending payments via other electronic systems since the Cloud team will deal with all the maintenance and necessary upgrades of the system.

Ripple states that some of their biggest customers have already migrated to the Cloud, although the company does not name any particular companies or banks.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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